The transition to a society with low emissions has led to several intensives for decreasing operational energy and the environmental impact of buildings. The embodied impacts from manufacturing materials have been shown to increase in relative importance as the operational energy efficiency has increased. Several case studies have shown various technical solutions which can reduce embodied carbon emissions. But is this reduction good for business? There are several building projects that have achieved low embodied emissions, but these are often in segments of premium private clients or green public procurement where additional motivation such as reputation and long-term viability is in place. However, with the transition to a low emission society, there is a need to include all types of building markets. This study aims to find business model innovation opportunities with reduced embodied emissions in building projects where the clients have low motivation beyond reducing costs. The approach is through action research with a Norwegian contractor seeking new opportunities while keeping the main competitive advantage. The research starts with a case that could reduce overall greenhouse gas emissions, and includes the potential savings from green loans to find potentials to capture value from reducing emissions. The results show that criteria exist for green loans based on reducing operational and embodied emissions. Future studies are however need to make an integrated assessment on the potential value captured from these green loans. © Published under licence by IOP Publishing Ltd.